On February 3, 2016, the Illinois Appellate Court issued an important opinion on leasing restrictions for condominiums. The decision in Stobe v. 842-848 West Bradley Place Condominium Association clarified that in order for leasing restrictions to be enforceable, they should be implemented by an amendment to the Declaration rather than added to Rules and Regulations. Read the Special Alert by Tressler LLP here.

In order to change your association's Declarations & Bylaws, the amendment must be approved by at least a 2/3 vote of all owners by ownership percentage.  

Does your association allow rentals? Does owner occupancy affect sales? How do leasing restrictions affect associations seeking FHA approvals?  Find answers to these questions and more with a subscription to Chicago Condo Resource.  

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